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Naples-based South Real Estate Group has purchased a 6.4-acre site in Estero for $4.2 million, nearly doubling its land holdings in the planned University Highlands project.
The acquisition from an affiliate of NM Development Group LLC, also of Naples, brings to 14 acres the total acreage South now owns just north of the Miromar Outlets in Lee County. The company purchased a 7.6-acre tract in the planned development in January.
“We’re really excited about the area,” says John Conroy, a South Real Estate principal. “There’s been a tremendous amount of residential growth all around there, which we believe will bode well for the kind of mixed-use commercial development we’re planning.
“The site itself also has a lot of flexibility, allowing us to do retail, restaurants, office, medical office and a hotel on the southern portion of the site, and we’re exploring a number of options at present for the northern portion of it,” adds Conroy.
To date, Starbucks, Chase Bank and Tide Dry Cleaners have signed on to be part of the new development there, according to Conroy and the company’s website.
Investment Properties Corp. Principal David Stevens and Rob Carroll negotiated on behalf of South Real Estate, while Land Solutions Inc. agents William Rollins, Doug Meschko and CEO Randy Thibaut represented NM Development in the transaction.
South Real Estate is no stranger to the Estero and Naples submarkets. In addition to University Highlands, the company also is developing the Shoppes at Estero Grande and the Coconut Crossings center there, along with the Courthouse Shadows in Naples and a tract on Naples Boulevard.
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